India’s edible oilimports increased by 38 per cent in the first month of the oil year 2024-25 (November-October) due a significant rise in imports of RBD palmolein, crude sunflower oil and soyabean oil.
According to the Solvent Extractors’ Association of India (SEA), India imported 15.90 lakh tonnes (lt) of edible oils in Novemberagainst 11.48 lt in the corresponding period of the oil year 2023-24.
India imported 2.84 lt of RBD palmolein in November 2024 against 1.71 lt in November 2023, registering a growth of 66.33 per cent. However, import of crude palm oil (CPO) declined by 21 per cent in November. India imported 5.47 lt of CPO in November 2024 (6.92 lt in November 2023).
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Import of crude sunflower oil increased to 3.40 lt (1.28 lt) in November, recording a jump of 164.7 per cent. Import of crude soyabean oil increased to 4.07 lt (1.49 lt), witnessing a sharp rise of 172 per cent.
Soya oil pressures domestic beans
BV Mehta, Executive Director of SEA, said Indian vegetable oil importers have quickly adjusted to the change in price differentials in the world market. Unusually strong price competitiveness has resulted in booming Argentine soya oil import to India since October.
He said excessive import of soyabean is placing pressure on domestic soyabean price which is currently quoted around ₹4,250-4,300 a quintal against MSP (minimum support price) of ₹4,892 a quintal. This is complicating the situation for Indian soyabean processors who already are suffering from poor competitiveness of their soyameal in the world market, he said.
To support farmers and the market, SEA has urged the Central government to lift the suspension of futures trading on CPO, soyabean oil, mustard seed, soyabean, and not to extend beyond December 20.
He said the total share of refined oil (RBD palmolein) in the total edible oil import basket increased from 15 per cent in November 2023 to 18 per cent in November 2024.
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Major exporters
During November 2024, Indonesia exported 2.42 lt of CPO and 2.40 lt of RBD palmolein to India. Malaysia exported 2.61 lt of CPO and 44,402 tonnes of RBD palmolein during the period.
India imported 3.37 lt of crude soyabean degummed oil from Argentina, 22,298 tonnes from Brazil, and 23,643 tonnes from Russia.
Russia exported 2.03 lt of crude sunflower oil, Ukraine 1.15 lt, and Argentina exported 22,200 tonnes to India during the period.
